Reply With Quote
Yes you can and no it's not. Stupid.
nothing is free. But why should it be the responsibility of a small business owner to worry about providing healthcare to their employees? They aren't health care companies, they shouldn't have to worry about that , just pay the tax and that's it.
Yes you can and no it's not. Stupid.
Of course it's just a disguised tax. It goes straight into general revenue. The "lockbox" is a lie.They wouldn't even let you count it as a labor expense in the PPP guidelines.
It's how the bottom 50% pay tax and it's not even called a tax. They take out "social security" and "medicare" and the employer has to match it. The government just takes that money and spends it as soon as they get it.
how the oligarchy cheats to take care of its own
Banks Gave Richest Clients ‘Concierge Treatment’ for Pandemic Aid
Some businesses seeking coronavirus loans got to avoid flaky online portals or backed-up queues.
Many other small businesses couldn’t get their loan requests submitted before the money dried up.
That’s because some of the nation’s biggest banks, including JPMorgan Chase, Citibank and U.S. Bank, prioritized the applications of their wealthiest clients before turning to other loan seekers, according to half a dozen bank employees and financial industry executives
Customers of Citi’s private bank, where the minimum account size is $25 million, didn’t have to use an online portal to apply for a loan;
they could simply submit paperwork to their banker, who would put in an application on their behalf.
At Chase, the nation’s largest bank, nearly all private and commercial banking clients who applied for a small-business loan got one, whereas only one out of every 15 retail banking customers who sought loans was successful.
By the time the Paycheck Protection Program ran out of money last week, many top clients of national and regional banks had already had their loans approved.
Other business owners were left empty-handed, and many had struggled from the start.
thousands of people never got to apply. Citi’s private banking clients didn’t have to apply online via the portal, according to a person with knowledge of Citi’s operations.
though they stood to make bigger fees from bigger loans.
At JPMorgan, nearly all of the 8,500 commercial and private banking clients who applied for a loan got one.
At the same time, only 18,000 of more than 300,000 small-business banking customers who applied through Chase’s retail bank, where they normally did business, got loans,
https://www.nytimes.com/2020/04/22/business/sba-loans-ppp-coronavirus.html
Guess which tranche of bank customers are being told to get back to work?
it's called the Payroll Tax
How $Bs will the banks suck out of the new $500B For The People?
How the ‘small business’ rescue program was a $10 billion giveaway to big banks
Banks that distributed government-backed small business relief loans made more than $10 billion in fees before the program ran out of money and left thousands of small firms without aid
Banks served as middle-men for the $349 billion Paycheck Protection Program and
took between 1% and 5% in fees for every loan they provided.
Banks took a 5% fee on loans worth under $350,000 and
a 1% fee on loans between $2 million and $10 million.
JPMorgan Chase, for example, took a $100,000 fee when it gave a $10 million loan to the parent company of Ruth’s Chris Steak House.
Bank of America told NPR that the program had “significant vetting requirements” and banks were responsible for “collecting, personally examining and storing data” for each application it received.
guidelines from the Treasury Department gave lenders “delegated authority to speedily process PPP loans.”
“Lenders are permitted to rely on borrower certifications and representations,”
4,400 companies received loans of $5 million or more, even though the national average was around $206,000.
Shake Shack, received the maximum $10 million loan amount, even though they had more than $100 million in the bank.
suits allege that the banks “concealed from the public” that
they were “reshuffling the PPP applications it received and prioritizing the applications that would make the bank the most money.”
Chase, Citibank, and U.S. Bank, “prioritized the applications of their wealthiest clients before turning to other loan seekers.”
“nearly all private and commercial banking clients who applied for a small-business loan got one, whereas only one out of every 15 retail banking customers who sought loans was successful.”
“There is also evidence that a substantial amount of PPP loans have gone to large hotel and restaurant chains, rather than the struggling small and minority-owned businesses who may be forced to permanently close their doors without urgent assistance,”
https://www.rawstory.com/2020/04/how...e+Raw+Story%29
W T F ?
When PPP lending resumes, it will happen with a rule change that’s raising red flags for small-business advocates.
That rule, announced by the U.S. Small Business Administration, would
enable bank shareholders and outside directors to apply for federal stimulus funds through the very same lender.
“It's a gigantic loophole that will cut off people who are deserving and not connected to the bank. It’s laughable,”
the nation's biggest banks prioritized applications from their wealthiest clients before processing other loans.
“Why would we think that they would not favor people who are on their board of directors?” Rheingold said.
“It’s just a terrible idea.”
-- National Observer newsletter
the oligarchy and the sub-oligarchy pillage, pilfer, wealth-suck from Americans, in of course Congressional-approved and -enabled LEGALITY
The rule should have been:
"bank shareholders and outside directors are blocked from PPP serviced by the bank"
they get in line at OTHER banks, just like the The People
Last edited by Winehole23; 04-25-2020 at 01:52 PM.
Michael Hudson on the $6T bailout. It really is the 2008-9 bailout on steroids. Blackstone and the banks are ing coordinating the government response and raking billions in related fees.
https://moderaterebels.com/transcrip...ichael-hudson/Why is it okay for the Fed to create $1.5 trillion to buy stocks to prevent rich people from losing on their stocks, when it’s not okay to print only $1 trillion to pay for free Medicare for the entire population? This is crazy!
The idea that only the rich should be allowed to print money for themselves, but the government should not be allowed to print money for any public purpose, any social purpose — not for medicine, not for schools, not for personal budgets, not for full employment — but only to give to the 1 percent.
People hesitate to think that. They think, ‘It can’t possibly be this bad.’ But for those of us who have worked on Wall Street, for 60 years in my case, that’s what the numbers show.
What a stroke of good luck for Austin's Phunware
https://www.cbsnews.com/amp/news/phu...usiness-loans/
The bailout should focus more on people and less on businesses.
https://www.businessinsider.com/layo...age-may-2020-4Losses in April alone could push the unemployment rate to 16%, according to James Knightley, chief international economist at ING. If another 10 million Americans file jobless claims in May, that would push the unemployment rate to 22%, he said.
"Thankfully this is below the 24.9% peak experienced in 1933, but we have to remember that one third of Americans aged 18-65 are not classified as employed or unemployed – they are students, early retirement, homemakers, carers or sick," Knightly wrote in a Thursday note.
"This leads us to yet another sobering statistic – that less than half of working age Americans will be earning a wage next month," he said.
CBO forecasts carnage in Q2 but puts on rose colored spex for Q3 and Q4:
https://www.cbo.gov/publication/56335
US mulls goosing energy stocks:
https://www.reuters.com/article/us-g...-idUSKCN2262TYThe U.S. government is considering taking equity stakes in U.S. energy companies as it seeks to help the nation’s oil and gas sector amid the coronavirus outbreak, Treasury Secretary Steven Mnuchin said on Friday.
Jesus ing Christ, do you just Google search for the most pessimistic stories available on the web then share them like it's revelation?
Post some good news related to the pandemic/depression/bailout if you don't like the trend. Are you allergic to information?
71 percent of jobless Americans did not receive their March unemployment benefits
A new Pew study found only 29 percent of jobless Americans received benefits in March.
https://www.vox.com/covid-19-coronavirus-economy-recession-stock-market/2020/4/25/21236595/unemployment-benefits-71-percent-didnt-recieve-coronavirus-layoffs
That's why you shouldn't do it through an antequated, overloaded UI system. Instead send the money *directly* to people.
The PPP is really coming through for Trump donors who own publicly traded companies.
https://popular.info/p/multi-millionaire-trump-donor-is
... is why the WH sycophant lawyer is driving the $500B helicopter with no oversight.
Our states and federal governments are well oiled machines adept at getting their desired outcomes. Florida especially it seems. Things are working exactly as they were supposed to.
Choking off benefits at the source, just as Rick Scott designed it to. Even (R)s in FL are calling it a show.
They'll still vote for Trump and the GOP because of scary blacks and Mexicans, gays, and the war on jeebus.
Scott saying badly run states should not get help from FL.
Next time (or times) FL gets wiped by hurricane(s), the states now know FL can eat of hurricane debris.
Lol
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions